MOISELLE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2025 二 零 二 五 年 度 年 報 目 錄 CONTENTS 2 公司資料 Corporate Information 4 主席報告 Chairman's Statement 12 管理層討論及分析 Management Discussion and Analysis 20 董事及高級管理人員簡介 Directors and Senior Management Profiles 25 企業管治報告 Corporate Governance Report 38 董事會報告書 Directors' Report 51 獨立核數師報告書 Independent Auditor's Report 62 綜合損益及其他全面收益表 Consolidated Statement of Profit or Loss and Other Comprehensive Income 64 綜合財務狀況表 Consolidated Statement of Financial Position 66 綜合權益變動表 Co ...

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retailing, and wholesaling of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of March 31, 2025, Moiselle International reported total revenue of 94.79 million HKD, a year-on-year decrease of 25.19% [1]. - The company recorded a net profit attributable to shareholders of -52.18 million HKD, reflecting a year-on-year decline of 17.56% [1]. - The gross profit margin stood at 80.11%, with a debt-to-asset ratio of 37.7% [1]. Stock Performance - As of July 17, the stock price of Moiselle International was 0.14 HKD per share, marking a 12.0% increase with a trading volume of 136,000 shares and a turnover of 18,400 HKD, showing a price fluctuation of 7.2% [1]. - Over the past month, the stock has experienced a cumulative decline of 7.41%, while year-to-date, it has seen a cumulative increase of 3.31%, underperforming the Hang Seng Index, which has risen by 22.22% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -16.56 times, with a median of 3.57 times [1]. - Moiselle International's P/E ratio is -0.64 times, ranking 114th in the industry [1]. - Comparatively, other companies in the industry have P/E ratios such as FAST RETAIL-DRS at 0.33 times, Zhejiang Yong'an at 1.34 times, and others ranging from 3.48 to 3.66 times [1].

[Financial Statements](index=1&type=section&id=financial_statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=income_statement) The Group's revenue decreased by 25.2% year-on-year, leading to an expanded operating loss of HK$45.81 million and a loss for the year of HK$56.55 million Key Data from Consolidated Statement of Profit or Loss (HK$’000) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 102,722 | 137,311 | -25.2% | | Gross Profit | 82,292 | 110,484 | -25.5% | | Operating Loss | (45,811) | (29,286) | +56.4% | | Loss for the Year | (56,553) | (48,110) | +17.6% | | Loss Attributable to Owners of the Company | (56,546) | (48,100) | +17.6% | | Basic Loss Per Share (HK$) | (0.20) | (0.17) | +17.6% | [Consolidated Statement of Financial Position](index=3&type=section&id=balance_sheet) At period-end, total assets decreased to HK$460 million, net current liabilities expanded to HK$66.93 million, and net assets declined 20.4% to HK$317 million Key Data from Consolidated Statement of Financial Position (HK$’000) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 460,285 | 517,662 | -11.1% | | Current Assets | 49,329 | 79,476 | -37.9% | | Current Liabilities | 116,260 | 103,932 | +11.9% | | **Net Current Liabilities** | **(66,931)** | **(24,456)** | **+173.7%** | | Net Assets | 317,472 | 398,935 | -20.4% | | Total Equity | 317,472 | 398,935 | -20.4% | [Notes to the Financial Statements](index=4&type=section&id=notes_to_financial_statements) [Basis of Preparation and Going Concern](index=4&type=section&id=basis_of_preparation) Despite HK$66.93 million in net current liabilities, the Board believes the Group can continue as a going concern, supported by subsequent financing from the controlling shareholder and new bank facilities - As of March 31, 2025, the Group's current liabilities exceeded current assets by approximately **HK$66,931,000**, posing a challenge to its going concern ability[6](index=6&type=chunk) - To address liquidity issues, the Group subsequently secured a **HK$20 million** long-term loan commitment from its controlling shareholder (of which **HK$3.5 million** has been drawn) and approximately **HK$6.45 million** in new bank facilities[6](index=6&type=chunk) - Based on these financing arrangements and cash flow forecasts, the Board believes the Group can continue as a going concern, and the financial statements are prepared on this basis[7](index=7&type=chunk) [Revenue and Segment Information](index=7&type=section&id=revenue_and_segment) The Group's total revenue from fashion apparel sales declined significantly in both Hong Kong (27.3%) and overseas (21.9%), with Hong Kong remaining the primary revenue source at 59% Segment Revenue (HK$’000) | Geographical Segment | 2025 Revenue | 2024 Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong | 61,005 | 83,913 | -27.3% | | Outside Hong Kong | 41,717 | 53,398 | -21.9% | | **Total** | **102,722** | **137,311** | **-25.2%** | - Hong Kong operations include sales of own and imported brands in Hong Kong; overseas operations include manufacturing in Mainland China and sales in Mainland China, Macau, and Taiwan[16](index=16&type=chunk) [Other Income and Gains/Losses](index=7&type=section&id=other_income_gains_losses) Other income decreased by 46% year-on-year due to reduced rental income and no government subsidies, while other gains and losses shifted from a HK$4.49 million loss to a HK$2.03 million gain Other Income Details (HK$’000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Investment Property Rental Income | 2,009 | 3,821 | | Bank Deposit Interest Income | 252 | 735 | | Government Subsidies | – | 424 | | **Total** | **3,314** | **6,142** | - Other gains and losses recorded a net gain of **HK$2,026,000**, compared to a net loss of **HK$4,491,000** last year, primarily due to gains on early lease terminations and exchange gains[17](index=17&type=chunk) [Loss Per Share and Dividends](index=8&type=section&id=loss_per_share_and_dividends) Basic loss per share increased to HK$0.20 due to expanded loss attributable to owners, with no dividends declared or proposed in the current or prior year - The loss for the year used to calculate basic loss per share was **HK$56,546,000**, with a weighted average number of ordinary shares of **287,930,000**[18](index=18&type=chunk) - No dividends were paid or proposed to shareholders for the current or prior year[19](index=19&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=management_discussion_and_analysis) [Market Overview](index=10&type=section&id=market_overview) The apparel retail market faces severe challenges from economic downturns and weak consumer confidence, with significant retail sales declines in Hong Kong and slowed growth in Mainland China, driving industry shifts towards e-commerce and social media - Hong Kong's apparel retail sales decreased by approximately **10.6%** in 2024, a stark contrast to the approximately **43.5%** growth in 2023[22](index=22&type=chunk) - Mainland China's apparel retail sales growth rate sharply decelerated from **12.9%** in 2023 to **0.3%** in 2024[23](index=23&type=chunk) - Underlying industry trends include the rise of younger consumers, an aging population, and the widespread adoption of information technology (internet, e-commerce, social media)[23](index=23&type=chunk) [Operating Review](index=11&type=section&id=operating_review) Facing macroeconomic challenges, the Group's revenue declined across all regions, leading to strategies like store network optimization, enhanced promotions, and e-commerce development, with 31 retail stores at period-end - As of March 31, 2025, the Group operated **31** retail stores and counters, a slight decrease from **32** in the prior year, indicating ongoing rationalization of its retail network[24](index=24&type=chunk) [Hong Kong Business](index=11&type=section&id=hk_business) Hong Kong business revenue decreased by 27% year-on-year due to economic downturns, prompting increased short-term promotions, active online business development, and a streamlined store presence - Hong Kong business revenue decreased by **27%** to **HK$61,005,000** for the current year[25](index=25&type=chunk) - Strategies include: participating in more short-term promotional activities, developing e-commerce, leveraging social media (e.g., Xiaohongshu) for promotion, and maintaining a small yet refined store network[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Mainland China Business](index=12&type=section&id=mainland_china_business) Mainland China business revenue fell by 20% due to economic downturns and high rents, leading to store optimization, brand promotion through fashion shows and artist sponsorships, and e-commerce collaborations - Mainland China business revenue decreased by **20%** to **HK$25,012,000**[29](index=29&type=chunk) - The Group continues to develop e-commerce through collaborations with Yunhuan Mall, Vipshop, Tmall, and JD.com[30](index=30&type=chunk) [Macau and Taiwan Business](index=13&type=section&id=macau_and_taiwan_business) Macau business revenue decreased by 15% due to reduced tourist purchasing power, while Taiwan business revenue significantly fell by 35% due to store closures and reduced marketing - Macau business turnover decreased by **15%** to **HK$9,689,000**[31](index=31&type=chunk) - Taiwan business revenue decreased by **35%** to approximately **HK$7,016,000**[32](index=32&type=chunk) [Financial Review](index=13&type=section&id=financial_review) The Group's turnover decreased by 25% to HK$103 million, leading to an expanded operating loss of HK$45.81 million and a loss attributable to shareholders of HK$56.55 million, with liquidity pressure intensifying and the debt-to-equity ratio rising to 31.1% Financial Performance Summary | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Turnover | HK$102,722,000 | HK$137,311,000 | | Gross Margin | 80.1% | 80.5% | | Operating Loss | HK$45,811,000 | HK$29,286,000 | | Loss Attributable to Equity Holders | HK$56,546,000 | HK$48,100,000 | | Debt-to-Equity Ratio | 31.1% | 23.5% | - The Group adopted a prudent financial policy, holding approximately **HK$5 million** in cash and bank balances at period-end (compared to **HK$24 million** last year), and secured total bank facilities of approximately **HK$86 million**[35](index=35&type=chunk) [Outlook](index=15&type=section&id=outlook) The Group anticipates a challenging market, planning cautious business development by strengthening its customer base, increasing social media marketing, enhancing offline store experience, and improving garment processing automation for efficiency and competitiveness - Future strategic priorities include: increasing social media marketing efforts, sponsoring artist endorsements, and unifying retail store displays and decorations[38](index=38&type=chunk) - The Group plans to enhance the automation level of garment processing to further improve operational efficiency[39](index=39&type=chunk) [Other Disclosures](index=15&type=section&id=other_disclosures) [Employees](index=15&type=section&id=employees) As of March 31, 2025, the Group's total number of employees was 271, a decrease of approximately 10% from 302 last year - As of March 31, 2025, the Group employed **271** staff, primarily in Hong Kong and Mainland China, a decrease from **302** in 2024[40](index=40&type=chunk) [Corporate Governance](index=16&type=section&id=corporate_governance) The company complied with most Corporate Governance Code provisions, with the only deviation being the combined roles of Chairman and CEO held by Mr. Chan Yam Kai, which the Board believes ensures consistent leadership and operational efficiency - The company deviated from Corporate Governance Code provision C.2.1, which states that the roles of Chairman and Chief Executive Officer should be separate; currently, Mr. Chan Yam Kai holds both positions[43](index=43&type=chunk) - The Audit Committee has reviewed the consolidated financial statements for the current year[44](index=44&type=chunk)

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retail, and wholesale of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of September 30, 2024, Moiselle International reported total revenue of 45.6044 million HKD, a year-on-year decrease of 21.74% [1]. - The company recorded a net profit attributable to shareholders of -21.2868 million HKD, reflecting a year-on-year decline of 54.45% [1]. - The gross profit margin stood at 82.21%, while the debt-to-asset ratio was 33.74% [1]. Stock Performance - On June 6, the stock price closed at 0.172 HKD per share, marking a 37.6% increase with a trading volume of 960,000 shares and a turnover of 158,900 HKD, with a price fluctuation of 36.0% [1]. - Over the past month, the stock has experienced a cumulative decline of 7.41%, while year-to-date, it has seen a cumulative increase of 3.31%, underperforming the Hang Seng Index by 19.18% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -5.37, with a median of -0.17 [1]. - Moiselle International's P/E ratio is -0.64, ranking 114th in the industry, compared to other companies such as Fast Retail-DRS at 0.38, Zhejiang Yong'an at 1.34, Urban Beauty at 3.52, Chih Li Industrial Group at 3.58, and Daren International at 3.65 [1].

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retailing, and wholesaling of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of September 30, 2024, Moiselle International reported total revenue of 45.6044 million HKD, a year-on-year decrease of 21.74% [1]. - The company recorded a net profit attributable to shareholders of -21.2868 million HKD, reflecting a year-on-year decline of 54.45% [1]. - The gross profit margin stood at 82.21%, with a debt-to-asset ratio of 33.74% [1]. Stock Performance - On May 14, the stock price of Moiselle International closed at 0.156 HKD per share, marking an increase of 18.18% with a trading volume of 222,000 shares and a turnover of 33,800 HKD [1]. - Over the past month, the stock has experienced a cumulative decline of 12%, while year-to-date, it has seen a cumulative increase of 9.09%, underperforming the Hang Seng Index by 15.2% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry is -7.67 times, with a median of -0.29 times [1]. - Moiselle International's P/E ratio is -0.67 times, ranking 114th in the industry [1]. - Comparatively, other companies in the industry have P/E ratios such as FAST RETAIL-DRS at 0.37 times, Zhejiang Yong'an at 1.34 times, Urban Beauty at 3.8 times, Shanshan Brand at 3.84 times, and Qihua Industrial Group at 3.96 times [1].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 50,571,000, a decrease of 21.7% compared to HKD 64,620,000 in the same period of 2023[17] - The gross profit for the period was HKD 41,572,000, down from HKD 50,685,000, reflecting a gross margin decline[17] - The operating loss for the period was HKD 21,101,000, compared to an operating loss of HKD 12,649,000 in the previous year, indicating a worsening operational performance[17] - The net loss attributable to shareholders was HKD 23,605,000, compared to HKD 15,283,000 in the same period last year, representing a 54.5% increase in losses[11] - Basic loss per share for the period was HKD 0.08, compared to HKD 0.05 in the previous year, indicating a decline in shareholder value[18] - The total comprehensive loss for the period was HKD 18,696,000, compared to HKD 17,980,000 in the same period last year, indicating ongoing financial challenges[18] - The company recorded a pre-tax loss of HKD 23,943 thousand for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 12,171 thousand in the same period of 2023, reflecting a worsening of approximately 96%[39] - The company experienced a significant decline in segment profit, reporting a loss of HKD 3,758 thousand for the six months ended September 30, 2024, compared to a profit of HKD 9,748 thousand in the same period of 2023[39] - The company reported a net cash inflow from operating activities of HKD 1,361 thousand for the six months ended September 30, 2024, compared to HKD 6,028 thousand in the same period of 2023, representing a decrease of approximately 77.6%[34] Assets and Liabilities - Total assets less current liabilities amounted to HKD 462,486,000, down from HKD 493,206,000 as of March 31, 2024[31] - The company's net asset value was HKD 380,239,000, a decrease from HKD 398,935,000 as of March 31, 2024[31] - Cash and cash equivalents at the end of the period were HKD 11,336,000, compared to HKD 23,558,000 at the end of the previous period, indicating a liquidity squeeze[31] - The group’s net current liabilities increased to HKD 50 million as of September 30, 2024, compared to HKD 24 million on March 31, 2024[90] - The capital debt ratio was approximately 23.7% as of September 30, 2024, slightly up from 23.5% on March 31, 2024[90] Revenue Breakdown - Revenue in Hong Kong decreased by 25% year-on-year to approximately HKD 29,000,000[49] - Revenue in mainland China fell by 10% to approximately HKD 13,000,000 due to declining consumer demand and currency depreciation[49] - Revenue in Macau dropped by 34% to approximately HKD 5,000,000, impacted by store relocations and closures[49] - Overall revenue decreased by 22% year-on-year to approximately HKD 51,000,000[70] - Revenue from the Hong Kong business decreased by 25% year-on-year to HKD 29,394,000 for the first nine months of 2024, with visitor numbers at 69.69% of pre-pandemic levels[104] - Revenue from the domestic business declined by 10% year-on-year to HKD 13,115,000, impacted by a weak RMB and cautious consumer attitudes[109] - The Macau business revenue dropped by 34% to HKD 4,593,000 during the period, following the relocation of the MOISELLE retail store[113] - The group’s revenue from Taiwan operations slightly decreased to approximately HKD 3,469,000, accounting for about 7% of total revenue during the period[131] Cash Flow and Financing - The company reported a net cash outflow from investing activities of HKD 1,911 thousand for the six months ended September 30, 2024, compared to a net cash inflow of HKD 16,052 thousand in the same period of 2023[34] - The cash flow from financing activities resulted in a net cash outflow of HKD 11,648 thousand for the six months ended September 30, 2024, compared to a net cash outflow of HKD 3,572 thousand in the same period of 2023[34] - The company reported a decrease in cash and cash equivalents due to a net decrease of HKD 12,198 thousand during the period, compared to an increase of HKD 18,508 thousand in the same period of 2023[34] - As of September 30, 2024, the group's cash and bank deposits totaled approximately HKD 11,000,000, down from HKD 24,000,000 as of March 31, 2024[115] - The group secured a total bank financing of approximately HKD 84,000,000 as of September 30, 2024, an increase from HKD 73,000,000 as of March 31, 2024[115] - The group obtained bank loans of HKD 58,000,000 for operational funding, up from HKD 51,000,000 as of March 31, 2024[115] Business Strategy and Market Conditions - The company noted that economic downturn and bleak employment and business outlooks have negatively impacted consumer confidence, leading to challenges in the apparel retail market[46] - The company is actively expanding its customer base through promotions on social media platforms like Xiaohongshu and participating in mall promotional activities[71] - The company continues to reposition its main brand MOISELLE to cater to the preferences of younger consumers[71] - The group operates in the luxury and mid-range apparel market, with a total of 31 retail stores as of September 30, 2024, down from 32 stores on March 31, 2024[76] - The group continues to develop its e-commerce business, utilizing platforms like Xiaohongshu to expand its quality customer base[80] - The group is closely monitoring economic conditions and fashion trends to adjust its business strategies accordingly[88] - The company plans to further develop its e-commerce business and explore more technology in fashion design and garment processing to enhance operational efficiency[114] - The company is actively expanding its retail network in Hong Kong in prime locations while maintaining a focus on enhancing store performance[102] - The company has partnered with four local e-commerce platforms to develop its online sales channels[112] Corporate Governance - The company has established an audit committee to oversee financial reporting and risk management, consisting of three independent non-executive directors[150] - The roles of the chairman and CEO are currently held by the same individual, which the board believes ensures effective leadership and operational efficiency[144] - The company has reviewed its accounting principles and practices with the management team for the six months ending September 30, 2024[145] - The major shareholders, Super Result, hold approximately 65.99% of the company's equity, with both Mr. Chen and Ms. Xu each owning 46.7%[121] Dividends and Shareholder Returns - The company did not declare an interim dividend for the year ending March 31, 2025, compared to no dividend declared for the year 2024[43] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[143]

Market Recovery and Economic Environment - The high-end apparel retail market in Hong Kong and Mainland China has not fully recovered to pre-pandemic levels, with visitor arrivals in Hong Kong in 2023 only reaching about 60% of the pre-pandemic level in 2019[16]. - The purchasing power of Mainland Chinese tourists in Hong Kong has decreased compared to pre-pandemic levels due to a weaker renminbi and a bleak business outlook, impacting both the number of visitors and their average transaction size[16]. - The overall business environment remains volatile, with high interest rates and geopolitical tensions affecting market conditions[12]. - The Group's business outlook remains cautious due to factors such as slow post-pandemic recovery, geopolitical tensions, and high inflation[45][48]. - The Group's operations in Mainland China faced challenges due to the ongoing property sector crisis and strained Sino-U.S. relations, leading to a weaker renminbi[80]. Financial Performance - The Group recorded a loss of approximately HK$49 million for the year, an increase compared to the previous financial year's loss, while turnover increased by 7% to approximately HK$137 million[26]. - Revenue from Hong Kong operations increased by 18% to approximately HK$84 million, accounting for about 61% of total revenue[27][28]. - Revenue from Macau dropped by 26% to approximately HK$11 million due to store relocation, while revenue from Mainland China slightly decreased to approximately HK$31 million[27]. - The gross profit margin improved to 81% for the year, compared to 73% in the previous financial year[28]. - The loss attributable to equity shareholders for the year was approximately HK$48,100,000, an increase from HK$42,857,000 in 2023[107]. - The revenue from operations outside Hong Kong decreased by approximately 6% to approximately HK$53,398,000, primarily due to the relocation of retail stores in Macau[101]. Strategic Initiatives and Market Adaptation - The company is focusing on designing and selling trendy clothing that caters to the preferences of the younger generation while also appealing to middle-aged customers[22]. - The ongoing geopolitical tensions and macroeconomic factors continue to reshape the fashion apparel industry, necessitating adaptation to changing consumer behaviors and preferences[20]. - The Group has repositioned its major brand MOISELLE to cater to younger consumers, increasing the proportion of mid-range, on-trend apparel from about 30% to approximately 50% of total SKUs since the financial year ended 31 March 2021[35]. - The Group aims to strengthen its e-commerce business to boost sales and improve customer relationships, forming alliances with more local online shopping platforms[54][57]. - The Group plans to open new stores in prime locations with reasonable rents to enhance its presence in Hong Kong and Mainland China[51][47]. E-commerce and Marketing Efforts - The Group continues to develop its electronic commerce business, having opened two online platforms for marketing and sales of MOISELLE products in Hong Kong[38]. - A partnership was established with JD.com in April 2023 to promote and sell products in Mainland China, enhancing the Group's e-commerce capabilities[41]. - The Group held three fashion shows in Shenzhen and one in Kunming to showcase its latest deluxe fashion apparel, enhancing marketing efforts and store location strategies[37]. - The Group has initiated marketing campaigns targeting Hong Kong consumers in Mainland Chinese cities to tap into the demand from Hong Kong residents traveling north[73]. Corporate Governance and Management - The company is committed to meeting statutory and regulatory requirements, emphasizing transparency, independence, accountability, responsibility, and fairness in corporate governance[166]. - The Board comprises seven directors, including three executive directors and four independent non-executive directors, ensuring a balanced governance structure[176]. - The company has complied with the Corporate Governance Code throughout the year, with deviations noted only for specific provisions[167]. - The management team is responsible for operational decision-making, reinforcing corporate values that stress lawful and ethical business conduct[175]. - The company has adopted a board diversity policy, with the nomination committee responsible for reviewing the policy and measurable objectives annually[195]. Workforce and Operational Capacity - The Group employed 302 staff as of March 31, 2024, an increase from 285 in 2023, indicating growth in workforce[120]. - The Group's cash and bank deposits amounted to approximately HK$24 million at the end of the financial year, compared to HK$14 million in 2023[108]. - The Group's net current liabilities rose to HK$24 million as of year-end 2024, compared to HK$19 million in 2023, indicating a worsening liquidity position[114]. - The Group's gearing ratio increased to approximately 23.5% as of March 31, 2024, up from 14.2% in 2023, reflecting higher leverage[114]. Customer Engagement and Loyalty - The Group has established a customer loyalty program to enhance customer satisfaction and encourage repeat purchases, benefiting VIP customers with special discounts[128]. - The Group will conduct small-scale handicraft courses in stores to attract younger customers and enhance the shopping experience[44]. - The Group's strategy includes incorporating elements of environmental awareness and quality lifestyle into store designs to improve customer experience[44].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 137,311,000, an increase of 7.1% from HKD 127,946,000 in the previous year[2] - The gross profit for the same period was HKD 110,484,000, reflecting a significant increase of 18.4% compared to HKD 93,280,000 in the prior year[2] - The company incurred an operating loss of HKD 29,286,000, which is a decline from the operating loss of HKD 24,980,000 in the previous year[2] - The net loss for the year was HKD 48,110,000, compared to a net loss of HKD 42,901,000 in the previous year, indicating a worsening of 12.9%[4] - The company's total assets less current liabilities amounted to HKD 493,206,000, down from HKD 558,524,000 in the previous year[5] - Cash and cash equivalents at the end of the fiscal year were HKD 23,558,000, an increase from HKD 13,775,000 in the previous year[5] - The company reported a basic loss per share of HKD 0.17, compared to HKD 0.15 in the previous year, indicating a slight increase in loss per share[4] - The company’s non-current assets decreased to HKD 517,662,000 from HKD 577,183,000 in the previous year, primarily due to a reduction in investment properties[5] - The group reported a segment profit of HKD 15,895,000, which is a significant increase from HKD 6,393,000 in the previous year[18] - The group incurred a net loss of HKD 48,100,000 for the fiscal year 2024, compared to a loss of HKD 42,857,000 in the previous year[21] - The average number of ordinary shares used to calculate basic loss per share remained constant at 287,930,000 shares for both years[21] Revenue Breakdown - The group's revenue from external customers in Hong Kong for the fiscal year ending March 31, 2024, was HKD 83,913,000, an increase of 18.4% from HKD 70,846,000 in the previous year[18] - The total revenue from external customers outside Hong Kong was HKD 53,398,000, a decrease of 6.0% from HKD 57,100,000 in the previous year[18] - The total segment revenue for the group was HKD 165,467,000, representing an increase of 4.9% compared to HKD 158,550,000 in the previous year[18] - Total other income decreased to HKD 6,142,000 in 2024 from HKD 12,445,000 in 2023, primarily due to a reduction in rental income and government subsidies[19] - The group's revenue in Hong Kong increased by 18% to HKD 83,913,000, attributed to the rebound in visitor numbers following the lifting of quarantine measures[31] - Revenue from the group's operations in mainland China slightly decreased to HKD 31,160,000 due to a cautious consumer outlook amid economic challenges[35] - The group's revenue from its Taiwan operations increased by 14% to approximately HKD 10,775,000, representing about 8% of the group's total revenue[41] - The Macau business experienced a revenue decline of 26% to HKD 11,463,000 due to the relocation of its store[40] Operational Insights - The group operates 32 retail stores and counters as of March 31, 2024, maintaining the same number as the previous year, while closing underperforming locations and opening in promising areas[30] - The group is actively developing its e-commerce business to enhance sales and marketing efforts, having launched two online platforms in previous fiscal years[34] - The group has begun supplying a distributor in Vancouver, Canada, starting November 2023, to expand revenue sources[31] - The group opened a new MOISELLE store in Central in May 2023 and a LANCASTER store in Mong Kok in December 2022, focusing on prime retail locations[33] - Rising costs, particularly in prime shopping areas, are pressuring the group's operations, prompting a review of its store network[31] - The group is targeting marketing efforts towards Hong Kong consumers in mainland cities to capture cross-border spending[33] - The group continues to face challenges from a weak RMB and a decline in purchasing power among mainland visitors to Hong Kong[31] - The group operated 12 MOISELLE retail stores in mainland China as of March 31, 2024, up from 11 stores a year earlier[38] Future Plans and Strategies - The group anticipates that the apparel retail market may take over two years to fully recover from the challenging operating environment experienced over the past three years[50] - The group plans to open new stores in prime locations in Hong Kong and mainland China to enhance its market presence[51] - The group aims to strengthen its e-commerce business to boost sales and improve customer relationships, including partnerships with local online shopping platforms[51] - The group will expand its fashion wholesale market in Canada, targeting a distributor in Vancouver[51] - The group will enhance employee training to align with product features and design concepts[51] - The group will closely monitor economic conditions and fashion trends to adjust its strategies accordingly[51] Audit and Compliance - The audit committee has reviewed the accounting principles and the consolidated financial statements for the year ending March 31, 2024[59] - The group's auditor confirmed that the preliminary announcement figures align with the audited financial statements[60]

Financial Performance - The company reported a loss attributable to shareholders of HKD 15,283,000 for the six months ended September 30, 2023, compared to a loss of HKD 16,721,000 in the same period last year, representing a 8.6% improvement [2]. - The total comprehensive expenses for the period amounted to HKD 17,982,000, slightly higher than HKD 17,113,000 in the previous year, indicating a 5.1% increase [2]. - Basic loss per share was HKD 0.05, an improvement from HKD 0.06 in the prior year, reflecting a 16.7% reduction in loss per share [2]. - The total equity attributable to shareholders decreased to HKD 443,336,000 from HKD 461,316,000, reflecting a decline of 3.9% [4]. - The group reported a pre-tax loss of HKD 12,171,000 for the period, an improvement from a loss of HKD 16,440,000 in the previous year [16]. - The basic loss per share for the six months ended September 30, 2023, was HKD 15,283,000, compared to HKD 16,721,000 in the same period last year [21]. - The total comprehensive loss for the period was HKD 2,699,000, compared to a loss of HKD 392,000 in the same period last year [80]. - The company incurred financing costs of HKD 1,636,000, which is significantly higher than HKD 820,000 in the previous year [80]. - Other income for the period was HKD 3,447,000, down from HKD 7,483,000, indicating a decline in non-operational revenue sources [80]. Cash Flow and Assets - Cash and cash equivalents increased to HKD 34,148,000 at the end of the reporting period, compared to HKD 13,639,000 at the end of the previous year, representing a significant increase of 150.1% [8]. - Net cash generated from operating activities was HKD 6,028,000, a recovery from a net cash outflow of HKD 3,391,000 in the same period last year [8]. - The company reported net cash from investing activities of HKD 16,052,000, a significant improvement from a net cash outflow of HKD 590,000 in the previous year [8]. - The company's total assets less current liabilities stood at HKD 535,140,000 as of September 30, 2023, down from HKD 558,524,000 as of March 31, 2023, showing a decrease of 4.2% [4]. - As of September 30, 2023, the group's bank deposits and cash balance totaled approximately HKD 34,000,000, up from HKD 14,000,000 on March 31, 2023 [66]. - The group's net current liabilities amounted to HKD 11,000,000 as of September 30, 2023, down from HKD 19,000,000 on March 31, 2023 [67]. - The capital debt ratio was approximately 17.6% as of September 30, 2023, compared to 14.2% on March 31, 2023 [67]. Revenue and Market Performance - The group's external customer revenue for the six months ended September 30, 2023, was HKD 39,447,000, an increase of 30.5% compared to HKD 30,282,000 in the same period last year [16]. - The group's segment profit for the same period was HKD 9,937,000, significantly up from HKD 3,037,000 in the previous year, reflecting a growth of 227.5% [16]. - The total revenue for the group, including inter-segment revenue, reached HKD 43,898,000, compared to HKD 35,385,000 in the previous year, marking an increase of 24.0% [16]. - Revenue for the six months ended September 30, 2023, was HKD 64,620,000, an increase of 15.5% compared to HKD 56,133,000 for the same period in 2022 [80]. - Revenue from the Hong Kong business recorded a 30% year-on-year increase, while revenue from Macau grew by 15%; however, revenue from mainland China and Taiwan declined by 9% and 5%, respectively [38]. - The group's revenue in Hong Kong increased by 30% to HKD 39,447,000 during the period, attributed to the rebound of visitors following the lifting of quarantine measures [51]. - Revenue from the group's operations in mainland China decreased by 9% to HKD 14,611,000, impacted by the real estate crisis and cautious consumer behavior [55]. - Macau business revenue increased by 15% year-on-year, reaching approximately HKD 6,908,000 as of September 30, 2023 [59]. - Taiwan business revenue decreased by 5% year-on-year to approximately HKD 3,654,000, accounting for about 6% of the group's total revenue during the period [60]. Strategic Initiatives and Future Outlook - The company has not disclosed specific future outlook or guidance in the provided documents, indicating a cautious approach amid market conditions [5]. - There are no mentions of new products, technologies, market expansions, or acquisitions in the current report, suggesting a focus on stabilizing existing operations [5]. - The company plans to focus on market expansion and new product development to drive future growth [80]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities [80]. - The group expects the apparel retail market to take over two years to fully recover from the severe operating environment experienced over the past three years [62]. - The group plans to expand its e-commerce business in mainland China by partnering with more online shopping platforms in the second half of the fiscal year [63]. Operational Developments - The group has committed capital expenditures of HKD 19,000 for the purchase of property, plant, and equipment that have not yet been recognized in the financial statements [30]. - The group has entered into a new three-year lease agreement with annual payments of HKD 2,739,000, up from HKD 1,404,000 in the previous lease [30]. - The number of retail stores increased from 32 to 35 between March 31, 2023, and September 30, 2023, with closures of underperforming stores and openings in promising locations [50]. - The group opened a new MOISELLE store in Central in May 2023 and a LANCASTER store in Mong Kok in December 2022, focusing on enhancing retail performance in Hong Kong [53]. - The group maintains a strategy of a small and refined store network in mainland China, retaining one store in each operational city [56]. - The group held a fashion show in Shenzhen in October 2023 to showcase its latest luxury fashion clothing [58]. - The group integrates elements of environmental awareness and art into store designs to enhance the shopping experience [53]. - The group conducts small handmade art classes in stores as part of its sales and promotional efforts to attract younger customers [53]. Human Resources and Governance - The group employed 303 staff as of September 30, 2023, an increase from 285 on March 31, 2023 [69]. - The group aims to enhance employee training to better understand product features and design concepts [63]. - The company has established an audit committee to oversee financial reporting and risk management, consisting of three independent non-executive directors [99]. - The chairman and CEO roles are currently held by the same individual, which the board believes ensures effective leadership and operational efficiency [96]. - The company has complied with the corporate governance code, except for deviations noted in specific clauses [95]. - The audit committee has reviewed the accounting principles and practices adopted by the group as of September 30, 2023 [99].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告之 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 MOISELLE INTERNATIONAL HOLDINGS LIMITED 慕詩國際集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：130) 未經審核中期業績 截至二零二三年九月三十日止六個月 慕詩國際集團有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（統 稱「本集團」或「慕詩」）截至二零二三年九月三十日止六個月之未經審核簡明綜 合中期業績，連同二零二二年同期之比較數字如下： 簡明綜合損益及其他全面收益表 未經審核 截至九月三十日止六個月 （千港元） 附註 二零二三年 二零二二年 收益 2 64,620 56,133 銷售成本 (13,935) (13,818) 毛利 50,685 42,315 其他收入 3,447 7,483 ...